S.Korea’s export posts double-digit fall for first 10 days of March

SEOUL, March 11 (Xinhua) — South Korea’s export posted a double-digit fall for the first 10 days of this month, after continuing a downward trend for three months through February, customs office data showed Monday.

Export, which accounts for about half of the export-driven economy, amounted to 11 billion U.S. dollars during the March 1-10 period, down 19.1 percent from the same period of last year, according to the Korea Customs Service.

The daily average export reduced 5.6 percent to 1.83 billion U.S. dollars in the cited period.

The country’s export continued to fall since December last year on weak demand for semiconductor and oil product.

Exports for chip and oil product plunged 29.7 percent and 39 percent each during the 10-day period, with shipment of telecommunication devices, such as smartphone, shrinking 4.1 percent.

Export to China, South Korea’s biggest trading partner, tumbled 23.9 percent for the first 10 days of March compared with a year earlier. Those to the United States and the European Union slumped 17 percent and 10.2 percent, respectively.

Import shrank 15.4 percent over the year to 11.6 billion U.S. dollars in the March 1-10 period, sending the trade balance to a deficit of 0.6 billion U.S. dollars.

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